ADS Securities (ADSS) and Admiral Markets Jordan accommodate traders of Islamic faith through special swap-free accounts. How do they compare?
The popularity of Middle Eastern-licensed forex brokers is rising as more and more people trust local regulations. On the other hand, traders face more choices than ever as an increasing number of forex brokers strive to establish their presence in the region. Two of the most striking examples are ADS Securities (ADSS) and Admiral Markets Jordan. Let's see how they accommodate the needs of Islamic traders that constitute the majority of residents in the area.
ADS Securities (ADSS)
ADS Securities, headquartered in Abu Dhabi, is an award-winning leading MENA broker that was founded in 2010. The company offers world-class services in leveraged trading, authorized by the Securities and Commodities Authority (SCA) in the UAE and the Financial Conduct Authority (FCA) in the UK.
ADSS provides access to leverage up to 1:500 on forex pairs through its two trading accounts: the Classic Account and the Elite Account.
- Classic accounts require a USD100 minimum deposit. Traders will be able to receive competitive spreads and all the necessary equipment to start trading with Metatrader4.
- Elite accounts require a deposit of over USD100,000 to access tight spreads and multi-base currencies (AED, GBP, EUR, USD and JPY). Traders will have access to a senior trader and dedicated relationship manager, as well as complete training courses and Elite events.
Islamic option (swap-free) is available for both Classic and Elite accounts. ADSS' swap-free account enjoys the same spread as the broker's regular accounts. There are no additional charges as long as your equity level is less than USD30,000. However, the swap-free account comes with a few requirements.
First, you have to submit specific requests and fulfill additional terms for your Islamic account to be approved. Second, clients can open several trading accounts, but will only be able to open one swap-free account. Contact ADSS to learn further.
ADSS is a legal forex and CFD broker because it is regulated in 3 countries: Department of Economic Development (Dubai) 1190047, FCA (UK) 577453 and SFC (Hong Kong) AXC847. Choosing a broker that is regulated by a reputable regulatory body is of utmost importance, as its regulated status helps ensure the trust and competence of the company.
Established in 2011 in Abu Dhabi, ADSS is a leading international broker in the UAE region. As one of the largest and most respected online brokers in the world, ADSS accepts clients from various regions and accepts trading accounts in multiple currencies.
The company is among the best in terms of reputation and reliability, as evidenced by the various awards that ADSS has won. Last year, ADSS won 3 main categories at the 2021 Global Forex Awards, namely Best Forex Trading Innovation – Global, Best Forex Trading Platform - Middle East, and Trusted Forex Broker - Middle East.
ADSS offers its clients a high-quality trading platform, MetaTrader 4 which is very popular among traders. The platform is capable of providing clients with 1-click trading solutions and includes customization for market depth analysis.
Plus, ADSS keeps things simple by offering only three types of live accounts: Spread Betting, Standard, and ECN. All three accounts can be opened by simply depositing $200 using a variety of payment options, including credit card, wire transfer, Skrill, debit card, and more.
In terms of trading instruments, ADSS is one of the best because it offers clients a variety of financial assets in the form of 61 forex pairs, 9 commodities, 28 indices, 4 bonds, 4 cryptocurrencies, and hundreds of stock CFDs, including shares of companies in Saudi Arabia.
Unfortunately, ADSS does not offer any bonuses to their traders. However, clients can participate in partnership programs such as referring to a friend, Introducing Broker, and Fund Manager.
ADSS also provides multilingual support to their clients 24 hours a day, 5 days a week via live chat, email, or their global phone hotline.
Admiral Markets Jordan
Admiral Markets AS is the Estonian-based arms of Admiral Markets Group AS that has been providing reliable financial services since 2001. They expanded their operation by opening a subsidiary in Jordan in June 2001.
Admiral Markets Jordan has received local licenses from the Jordan Securities Commission (JSC) with registration number 57026. The company offers the same high-quality services provided by the main office, including a variety of advanced trading platforms and swap-free option (Islamic Forex Account).
Admiral Markets' swap-free option is only available for Trade.MT5 accounts, and cannot be accessed with other types of accounts. It requires a deposit minimum of USD25/EUR25/JOD25/AED100 (minimum deposit corresponds to the account's base currency). Traders will then be able to take advantage of leverage up to 1:500 on forex pairs and indices, spread starting from 0.5, and low commission.
Admiral Markets' Islamic account can be opened easily through the client's area. It applies the same trading conditions as standard trading accounts, with unrestricted access to all trading instruments and all trading styles. However, the company charges administration fees instead.
From Monday through Thursday, Admirals calculates and applies the administrative charge between 0:00 and 00:01 (EET) on all open positions on all Islamic trading accounts. On Fridays between 0:00 and 00:01 (EET), a 3-day administrative fee is assessed in order to roll open positions over the weekend. The charges may seem similar to swaps (rollovers) but are actually non-interest-based.
So, which one will you choose? Both brokers have their own advantages. Feel free to try out ADSS' platform or Admiral Markets Jordan's demo account to observe them.